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Reliance Industries Ltd, India’s largest buyer of Russian oil and most impacted by the latest US sanctions,has said it will comply with all applicable restrictions and will adjust its refinery operations to meet compliance requirements.
According to media reports, In a statement, a company spokesperson said Reliance is “currently assessing the implications” of the latest sanctions on two Russian oil giants – one of which has a long-term crude oil supply agreement with Reliance.
“We have noted the recent restrictions announced by the European Union, United Kingdom and the United States on crude oil imports from Russia and export of refined products to Europe.
“Reliance is currently assessing the implications, including the new compliance requirements,” the company spokesperson said in a statement.
The statement did not implicitly state whether Reliance will completely stop buying crude oil from Russia.
Reliance, which operates the world’s largest single-site oil refining complex at Jamnagar in Gujarat, purchased about half of the 1.7-1.8 million barrels per day of discounted Russian crude shipped to India.
The company refines the crude into petrol, diesel and aviation turbine fuel (ATF), a large share of which is exported to markets such as Europe and the United States at market prices, generating strong margins.
All this may change after US President Donald Trump imposed sanctions on Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil) — Russia’s two largest oil companies that he accuses of helping fund the Kremlin’s “war machine” in Ukraine.
Additionally, the European Union has barred import of fuel made from Russian crude starting January 2026.
“We will comply with the EU’s guidelines on the import of refined products into Europe,” Reliance said.
“Whenever there is any guidance from the Indian Government in this respect, as always, we will be complying fully. Reliance has consistently aligned itself with the objectives of ensuring India’s energy security.”
